Financial market infrastructure and exchange operations
Strategic Profile
The company is owned by around 120 national and international financial institutions, which are its primary customers and drive alignment with market needs. In 2025, SIX delivered positive operational results with net operating income of CHF 1,496.5 mn (+5.4% vs 2024) and EBITDA of CHF 542.3 mn (+23.4% vs 2024, at constant exchange rates and excluding transformation costs). The company aims to become the financial heartbeat across European capital markets and beyond by strengthening the core, accelerating growth through geographic expansion, value chain extension, and thematic growth.
Cyborg Score Rationale
SIX operates critical, regulated financial infrastructure with a diversified revenue base across exchanges, data services, and payments. The 2025 results show strong growth momentum, broad-based revenue expansion, and successful European expansion through the Aquis acquisition. Ownership by 120 financial institutions provides structural stability and customer lock-in.
Top Insights
Aquis acquisition in 2025 expanded SIX to 16 markets across Switzerland, EU, and UK, establishing a truly European exchange group
EBITDA growth of 23.4% in 2025 driven by higher trading volumes, market data, real-time data, tax and regulatory services, and debit/billing growth
Completed FINMA approval in May 2026 for merging digital CSD SIX Digital Exchange AG into SIX SIS AG, streamlining infrastructure
Acquired Worldline's Electronic Data Management Business in May 2026, enhancing technology infrastructure capabilities
Named Competitors
Euronext — Europe's largest stock exchange operator
Deutsche Börse — German exchange and clearing house operator
LSE Group — Global financial markets infrastructure provider
Cboe Global Markets — Multi-asset exchange and derivatives operator
Recent Developments
(May 2026) Completed merger of digital CSD SIX Digital Exchange AG into SIX SIS AG following FINMA approval
(May 2026) Acquired Worldline's Electronic Data Management Business
(May 2026) dsm-firmenich listed on SIX Swiss Exchange with CHF 15.9 billion market cap
(Q1 2026) Published 2025 annual results showing strong operational performance with net operating income of CHF 1,496.5 mn
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